College Towns? - Posted by PJ

Posted by Eric C on February 18, 2001 at 10:25:39:

Hi PJ -

There are indeed some here who invest in “College towns” as you call them; often they can be great places to live and work.

Most of the “regulations” that you mention are pretty much standard for rental properties anywhere in the U.S. regardless of location. It has less to do with students and more to do with overall code compliance.

All of these issues are evidently present in your area, so you obviously need to factor those (and many more) into your investment decision.

Nothing you note in your post will severely impact your bottom line if you take a proactive (and more professional) approach to your business and your investments.

On the other hand, pretend that these don’t apply to you and I can almost guarantee that you will regret it.


Eric C

College Towns? - Posted by PJ

Posted by PJ on February 18, 2001 at 08:34:59:

Is there anyone that invests in college towns?
I live in a college town and it seems like every year the city is adding more regulations for rental properties. College students have better living conditions than a lot of the rest of the town. Here are some of the codes:
Lead Paint Inspection. If found, a costly removal process.
Electric Outlets: 1 every 8 feet.
Smoke Detectors: Wired in. One on every floor, including the basement. Interconnected.
Asbestos Inspection. If found a costly removal process.
1 student for every 800 sq. feet of floor space. Certain parts of town allow a defined number regardless of sq. footage. In other words, you could own a 5 bedroom house with 4500 sq. feet and only be allowed 3 students because of the location.
1 parking space ‘on the property’ for each student. People are tearing out their yards and turning them into parking lots.
I understand the need for some regulations but it seems that this town has taken it to the 'N’th degree. In the last year, I’ve noticed a lot more properties on the market and at below previous market values, due mostly, I think, to the lead paint laws. I’m just curious if this is the way it is in every college town, or just in my little corner of the world?

  • PJ

Re: College Towns? - Posted by David Krulac

Posted by David Krulac on February 18, 2001 at 15:03:24:

we looked at a college town with a lot of regulation, including certain sections of town were forbidden to college students. Also in the areas where permitted you needed off street parking for students but none for non-student renters. Some of the regulations especially and more restrictive for college students seemed to me to be court challengable.
The rents can be higher, but the damage can be higher too. The two towns closest to the college had all these regs, but another town only 1 mile away had none!
just my .02